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Tuesday, February 14, 2012

Payroll Taxes

Think about what you've heard about payroll taxes and the proposed payroll tax cut extension. Remember - because the media will never tell you - that payroll taxes are the only funding mechanism for Social Security, which is growing with our aging Boomers. Remember also that Social Security hasn't been its own separate part of the budget for decades, lumped instead into the total budget in to hide the growing federal deficit. Remember also that Social Security is nothing like a savings account. At this point, you can rest assured that you will not get out what you put in.

"I don't know where to begin on this. I really don't know where to
begin. I do not understand why somebody doesn't characterize this
payroll tax cut for what it is, gutting Social Security. Because it is
not being, quote, unquote, paid for. 'House Republican leaders said
Monday that they will support extending the federal payroll tax holiday
through the end of the year without demanding spending cuts to pay for
it, a concession aimed at averting another po­litically damaging
showdown in Washington. The House leadership could offer a pared-down
measure to extend the tax cuts later this week. But the top three GOP
leaders backed off previous demands that the tax break’s extension be
accompanied by spending reductions to shore up the finances of the
Social Security program.'

"So the payroll tax cut is a whopping $40 a month, and the Republicans
were holding fast, but you gotta find a way to replace what you're
gutting. The Republicans, for as long as I've been alive, have been
accused of gutting Social Security. Here's Obama doing it, Obama and
the Democrats are actually doing it, the payroll tax is the only funding
mechanism for Social Security, and this continuing tax cut is -- look,
if they want to do it, fine and dandy. I'm just telling you, from a
political standpoint, it's a gold mine here, and they're not using it.
The Republicans instead decide to reach across the aisle, they want to
show that they can compromise, they want to show that they can get
along, and Obama and his media minions just slap them down."

Now, here are my two cents. I don't know why the GOP caved, but I'm glad they did- plenty of them should be voted out of office along with Obama anyway. Payroll tax cuts may mean $40 a month for the average worker, but that is $40 a month I don't have (and I suspect the same is true for many people) while Obama continues to export domestic oil to deliberately inflate domestic oil prices at home. For whatever reason - high federal gas taxes, 'greenness,' or something more malignant as he wants us to be struggling enough to turn to government for help financially, leading ultimately to socialism in the most seemingly natural of transitions. Using our domestic oil instead of buying from hostile human-rights-violating countries with far lower environmental standards tells me that Obama isn't ultimately interested in going green, so I strongly suspect the latter reason is behind this. And the forecast is now $5 per gallon! I can't afford this! No one can afford this! Cost of living will shoot even higher since we all depend on goods and services moved to and fro by standard shipping methods. Cost of doing business will also go higher, more businesses will fold and unemployment will go up- not that the numbers Obama talks about will reflect it because there will be fewer jobs for people to hold.

I keep thinking that the nightmare will end soon and prices will come down again but I'm beginning to see that Obama will not LET them come down by intent. We MUST vote him out. We can't afford his $70k federal budget per family - where would the average family (making less than $70k) get $70k to pay their 'fair share' of the debt!? Why does he continue this class warfare against the rich when the top earners, about the top 10% of the earners pay 90% of all the taxes!? This is before Obamacare (and his 'budget') add further trillions to the $15+T deficit already existing. We've got a president dumping an exponentially growing mountain of debt in our path to prosperity, one we'll have to dig out to ever achieve prosperity again.

In conclusion, I will be happy to restore payroll taxes to normal levels if and only if incomes and employment are also restored to normal levels. This truly is a critical election. A critical time. We must be aware and involved to preserve our God-given rights to life, liberty, and the pursuit of happiness. And to paraphrase a pertinent scripture: It behooves those who have been warned to warn their neighbors.

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